Philippine Economic Zone Authority Director-General Charito Plaza has assured investors that their investments in the country remain safe despite the change in administration next year following the national elections.
In its meeting with Malaysian investors yesterday, Plaza said she is hopeful that the next leader will be supportive of PEZA.
“Let’s not worry about politics. Pray that the best leader comes out in this forthcoming election,” she said.
Plaza recalled that despite changes in the incentives regime as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law was passed during the Duterte administration, the agency and various sectors were able to provide their inputs for the improvement of the law.
Meanwhile, PEZA deputy director general Tereso Panga said the agency will be simplifying the issuance of a PEZA visa among foreign locators.
“This will now remove the Department of Justice from the process,” Panga said.
Currently, foreign nationals in PEZA zones have to secure a visa from the DOJ.
Panga added that with the simplified process of issuing a PEZA visa, this would follow the Anti-Red Tape Authority (ARTA) rule of releasing documents in three days for simple transactions, within seven days for complex transactions, and 21 days for highly technical transactions.*PNA